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Implementation of new IFRS Revenue Recognition Standard

" India will have a new revenue recognition standard outlining a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. This supersedes most current revenue recognition standard.
In brief, the new standard seeks to streamline, and remove inconsistencies from, revenue recognition requirements; provide a more robust framework for addressing revenue issues; make revenue recognition practices more comparable; and increase the usefulness of disclosures. " ...

Brief Overview On The India’s Ranking In World Bank’s Doing Business Report 2018

“India ranked 100th out of 190 countries after it implemented reforms in most macro indicators viz, starting a business, obtaining credit, paying taxes and resolving insolvency. For the first time, India jumped 30 positions to be counted the top 100th in terms of ease of doing business ranking.
The World Bank's Ease of Doing Business index ranks the nation based on the 10 indicators. These indicators are: Starting a business, Dealing with construction permits, Getting electricity, Registering property, Getting credit, Protecting minority investors, Paying taxes, Trading across borders, Enforc ...

Role of National Financial Reporting Authority

“Union Cabinet has now approved the proposal for establishing the National Financial Reporting Authority (NFRA), intended to serve as an independent regulator for the auditing profession.
We believe establishment of NFRA as an independent regulator for the auditing profession will improve the transparency and reliability of financial information presented by listed and unlisted companies in India. ” ...